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Wednesday, 27 July 2016

"Fitch Ratings has affirmed the Long- and Short-Term Issuer Default Ratings (IDR) of 11 UAE banks as part of its second 2016 peer review of the UAE banking sector. Fitch has also affirmed all 11 banks' other ratings. A complete list of rating actions is available at the end of this rating action commentary. KEY RATING DRIVERS BANKS' IDRs, SENIOR DEBT, SUPPORT RATINGS AND SUPPORT RATING FLOORS The affirmation of the banks' Long-Term IDRs, Support Ratings and Support Rating Floors, except for Emirates Islamic Bank PJSC (EI) and Commercial Bank International (CBI), reflects the extremely high probability of support available from the UAE authorities, and the government of Abu Dhabi (AA/Stable/F1+) and other emirates, if required."